I'll summarize what he replied with.
He got a custom script because loopholes are always found in open source software and he didn't want to be exposed to those. His company's PHPBB board has been hacked before. As soon as he removed the line that shows the PHBB version, there hasn't been an attempt to hack it. He says it's a very simple algorithm and that there are no problems within it. What he's looking for is to see if somebody could read the image verification, not bypass it (I guess that was my mistake). And for that, you don't need the source code.
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Maturity is knowing you were an idiot in the past. Wisdom is knowing that you'll be an idiot in the future. Common sense is knowing that you should try not to be an idiot now. - J. Jacques
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